Dairytech Startup Stellapps To Raise Rs 67 Cr In Latest Funding Round
Stellapps, a Bengaluru-based dairytech startup, is raising around Rs 67 Cr in a follow-up round of its earlier raised Series B round. The Bengaluru-based dairytech startup is raising the funds for the expansion of its business operations, as per regulatory filings.
First reported by Inc42, the Bengaluru-based startup will raise a fresh round of capital from Qualcomm, IndusAge Partners, Nutreco, Omnivore and ABB Switzerland.
As per the regulatory filings, the startup will be allotting 1,80,318 Series B1 CCPS to these investors. Omnivore will be allotted 49,812 Series B1 CCPSs (compulsory convertible preference shares) at a premium of Rs 3,704. Additionally, Stellapps is looking to raise upto $15M from its Series B investors and new investors, with 67 Cr appearing to be the first tranche of the funds.
Stellapps | Ranjith Mukundan and Venkatesh Seshasayee
[Read: Factors Driving The Growth Of Agritech Industry In India]
Started by Ranjith Mukundan and Venkatesh Seshasayee, Stellapps is an IIT-Madras incubated end-to-end dairy technology solutions startup. The Bengaluru-based startup produces and procures comprehensive farm optimization and monitoring support, which helps dairy farmers and cooperatives maximize profits while minimizing effort.
Stellapps leverages technologies like the Internet of Things (IoT), Cloud, Mobility, Big Data, and Data Analytics to improve Agri- Dairy supply chain parameters. With its innovative applications and state-of-the-art mechanization tools, the startup helps in improving Agri- Dairy supply chain parameters, including milk production, milk procurement, cold chain, animal insurance and farmer payments.
Earlier, the Bengaluru-based startup raised an undisclosed amount in Series A funding from Blume Ventures. It also holds support from Flipkart executive chairman Binny Bansal and prominent investors in the Indian startup ecosystem.
The agritech and allied sectors are growing at a good rate, with venture capital firm Omnivore leading from the front and backing entrepreneurs building the future of agriculture and food systems. Being a pioneer in agritech investing in India, Omnivore has backed over 25 startups since 2011.
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